Presently exercisable power of appointment is a power of appointment that the donee can exercise during their lifetime. In Edwards v. Urice, the Court of Civil Appeals of Oklahoma noted that a power of appointment is presently exercisable if the donee at the time in question by an exercise of the power can create an interest, present or future, in an object of the power.
This power may vary in different states. For example, as the Surrogate’s Court of New York, New York County noted in the case of In re Estate of McMurtry, presently exercisable power of appointment is a power of appointment that the donee can exercise, during their lifetime or by their written will, at any time after its creation, and does not include a postponed power.
Contrast with testamentary power of appointment.
[Last updated in January of 2024 by the Wex Definitions Team]
- Keywords